United States - December 2007

Father bought home in 1985, listing daughter as joint tenant with him. Father dies in 2007.

What is daughter's basis?
-- What father paid in 1985
-- 1/2 of what father paid in 1985
-- stepped up to 2007

Am I correct that, if no stepped up basis, there would be a 15% tax on the LT gain?

2007-12-03 11:34:54 · 3 answers · asked by Querious 3

I want to file an ammended return for 2005. In 2005 the preparer had my status married filing separate.In 2006 I filed taxes myself as Head of Household. I was audited for 2006 earlier this year and the IRS approved my Head of Houshold status. My situation in 2005 was exactly the same as it is now and in 2006 so I want to file the ammended return. I have the 1040x form and I'm wondering what all needs to be filled out. It looks likes like the only section that is required for me to fill out is the filing status and section 2 a written explanation.Does anyone know what all I need to fill out on the form? It's a bit confusing. Thanks

2007-12-03 11:12:16 · 3 answers · asked by me2012 1

im 19, single, and no dependents. i earn about 840 in 2 weeks(sux) and fica takes away so SO much! how can i make them take away less, and what is fica anyway?

2007-12-03 11:06:55 · 6 answers · asked by jay 1

Does anybody know if there is a minimum age to file'x taxs (I am in NY)


-Thanks

2007-12-03 10:17:11 · 6 answers · asked by Michael C 1

I just read an article on the web about the problem with the AMT and delay causing problems for refunds. I have a question about whether or not the AMT will effect me when I file taxes. How do you know? Are there ANY clear cut answers?
Now, I did research it very well, but do not understand tax laws therefore do not understand the language of the explainations. Any simple formula, ie AGI of ... or you have to have had cashed out stock...

Thanks in advance!

2007-12-03 09:02:44 · 6 answers · asked by tesiemay 2

Since we have Bush as our current President, We have a limit of things we can claim on our taxes. I know I can claim head of household but that seems to be it. Most peole say they claim their home repairs, computers, monthly bus cards, etc. I don't own a car or have children, but I do take the bus to work everyday with a bus pass that is not cheap monthly. What is it that I can claim extra. I know I'm not the only one wondering.

2007-12-03 08:54:40 · 5 answers · asked by gdiamondsg 1

I got a fricken letter in the mail saying I owe damn near $800 to the freakin state of MD from 2005???WTF??? How is that possible??? I did my taxes through Turbo Tax that year and followed the step by step directions. I didn't even get that much back! I need so much help I am willing to tell anybody who is interested that I only made $14k that year. Sh*t if anything, they need to give me some damn money! I only claimed 1 for myself because no one could claim me so what the hell is going on??? is there anyway, Turbo Tax could take care of this? Has anyone else ever had this happen to them?...Please, I need all the help I can get!!!!!!!!What can I do to not have to pay this crap!!!!

2007-12-03 08:42:33 · 9 answers · asked by CoolBeans 2

My employer choose all year to pay everyone profit sharing monies, even though profit sharing was in the negative. Now he says we must pay a monthly interest payment on the overdrawn profit sharing monies. He mentioned his CPA told him he could, so that he could avoid paying taxes on the money. I feel the CPA probably told him that he can charge interest on money loaned out to employees, and not have to pay taxes on loaned money. Does anyone know if this is legal?
If not what would you do?

2007-12-03 08:07:51 · 2 answers · asked by tigerlilly522 2

My aunt, who has ALS/Lou Gehrig's Disease had to purchase a craftmatic bed (she can't lay flat or will die), a wheelchair, and modify her home to accommodate a wheelchair. She took some money from her 401k (she is only 57) to pay for these expenses. Now the government is requiring that she pay back $7000 in taxes. Is there anything she can do since she is disabled (can't walk/move limbs) as this is taking a huge chunk out of her income (basically her grocery bill)? I mean she is disabled, can't someone, somewhere help her or the government give her a tax break due to medical expenses?

2007-12-03 07:52:19 · 2 answers · asked by magnoliabelle67 2

I live in Kansas and make about 30,000.00 a year and have a 9 month old son. Also my fiancee does not work. Does anyone know how much I can get for claiming my son. Also would I be able to claim my fiancee as a dependent since she does not work? I just don't know much about taxes and want to get back as much as I can this year.

2007-12-03 07:02:41 · 4 answers · asked by Derrek 1

b/c he owes the irs 800 bucks...i claim her on my checks meaning as a dependent and i made a little more this year will this affect me if he claims her like i wont receive a refund check??? also, on his checks they take a lot of money b.c of his taxes and mine they dont take out that much???

2007-12-03 06:28:43 · 5 answers · asked by k 1

My wife and her partner set up an s-corp for their business which was started during 2007. They definitely did not turn any profit during their first year, but have a number of expenses and some revenue. Each of them paid for a variety of the expenses out of their own pocket prior to setting up a joint account for the business.

My question is how the s-corp gains (or losses in this case) flow through to both their individual tax returns. Do they fill out a combined form (I think its 1120S) and then split the assumed loss on both of their individual tax returns? Is this done 50/50 or is there some other method to do so?

What if the expenses were not shared equally during the year? Do they need to calculate how much they spent each and reconcile that with each other offline, so that when they fill out the tax forms, the loss that each receives is equal in actuality in addition to theoretically?

Thanks for your advice.

2007-12-03 06:16:10 · 4 answers · asked by BMTR 1

Hi, I live in California and I have paid sales tax for all my ebay purchases. Will I need to charge or pay another sales tax if I resell the same items? I have a bunpch of Ebay stuff that I dont want anymore. By the way, are shipping and handling fees subject to tax?

2007-12-03 06:12:31 · 2 answers · asked by Leo 2

2007-12-03 05:30:35 · 5 answers · asked by Colin B 1

If you are with a lender of a new build home and you use incentive money to pay closing cost can you use that as a tax write off?

2007-12-03 05:28:34 · 3 answers · asked by Mark M 1

2007-12-03 04:58:34 · 1 answers · asked by samuel b 1

2007-12-03 04:41:14 · 4 answers · asked by misty g 1

I just found out someone I really care about (in the U.S.) is getting paid cash--no taxes or social security are being taken out. If she turns him in, will she get in trouble? What will happen?

2007-12-03 04:38:59 · 8 answers · asked by Zebra4 5

where is the interest deducted (form 1040) -- which section

2007-12-03 04:35:25 · 2 answers · asked by kitty 1

I currently have auto deductions with T Rowe Price and it has a value of about 1200. (I am disabled)

2007-12-03 04:25:40 · 2 answers · asked by batman 1

2007-12-03 04:02:24 · 6 answers · asked by Anonymous

What is the best way to donate some nice clothing and working electronics. I have some nice clothing that i want to donate and claim on my tax return next year. Does anyone know of any organization that issues a voucher for donations they receive and also picks the good up in from ones house.

I know of salvation army, but i want some others that are relatively better for tax return purposes.


Your polite advise will be appreciated.

Thanks
JI

2007-12-03 03:57:11 · 5 answers · asked by progress 2

If your car was stolen and insurance paid you the blue book value of car minus deductables would that be included in as your income?

2007-12-03 03:50:27 · 6 answers · asked by kitty 1

my child gose to head start , will needless to say , i signed him up for the school pictures that are way over priced ...needless to say the pictures are 80 dollars, and it says on the paper to add 9.13 % sales tax on the package price , im buying the 80 dollar pack , so how much do i need to include for tax ???

2007-12-03 03:49:24 · 6 answers · asked by Anonymous

This is a debate in my office, I would like others input. Does it vary from state to state? or place to place?

2007-12-03 03:16:45 · 5 answers · asked by k8e1122 2

Can you legally cancel your Social Security number without applying for a new one.

Bases on the fact that the Irs is unconstitutional and Social Security number are specifically for IRS purposes is there someway to be an un-numbered person

2007-12-03 03:07:42 · 31 answers · asked by Anonymous

2007-12-03 03:05:41 · 4 answers · asked by BOBBIGS 2

I am married my wife doesnt work and we have 3 kids, right now i am claiming married and 3, i have been hearing from friends and family i should be claiming more like 6 or 7, i did a W-4 calculator and it said i should be claiming like 11 or 12 what do i do. This claiming 3 thing is killing me right now i need more money on my check but at the same time i dont want to owe money at the end of the year. Can anyone help me out please?

2007-12-03 02:58:39 · 4 answers · asked by amr3169 2

i have been supporting her for over a year now. she's still a student and unemployed. she is also pregnant. she has been living with me for 2 years.

2007-12-03 02:39:09 · 4 answers · asked by Keegan M 1

My business plan is to start the business the first of the year(2008), but am unsure if starting the DBA sends the information to the IRS stating that a business was started under my name. And they make come after me to find any tax information for the business while i'm not even using it yet. I want to establish the DBA now so I'm prepared for the first of the year. I have to still get the insurance needed. But is it safe to get the DBA now and Start doing taxes and keeping track of business spending the first of the year? Or should I wait till the first of the year for the DBA too?

2007-12-03 02:32:57 · 1 answers · asked by Michael A 2